The government deficit in the European Union increased to 3.5% in 2023 from 3.2% of GDP in 2022.
In the euro area, the government deficit rose from 3.5% of GDP in 2022 to 3.6% in 2023.
In 2023, all EU Member States except Denmark (3.3%), Cyprus (2%), Ireland (1.5%) and Portugal (1.2%) reported government deficit and ten EU Member States recorded government deficits above 3% of GDP in 2023.
On Oct 22, Eurostat also published data on the government debt. Thus, at the end of the fourth quarter of 2023, the share of government debt in GDP in the European Union stood at 80.8%, from a level of 82.5% in the last quarter of 2022, while in the euro area the share of government debt in GDP at the end of the fourth quarter of 2023 stood at 87.4%, down from a level of 89.5% in the last quarter of 2022.
At the end of the fourth quarter of 2023, the lowest debt-to-GDP ratio was recorded in Estonia (20.2%), Bulgaria (22.9%), Luxembourg (25.5%), Sweden (31.5%), Denmark (33.6%) and Lithuania (37.3%). 13 member states recorded in 2023 a share of government debt in GDP higher than 60%, the highest level being in Greece (163.9%), Italy (134.8%), France (109.9%), Spain (105.1%) and Belgium (103.1%).
Eurostat data show that for Romania the government deficit increased from RON88.653 billion in 2022 (6.4% of GDP) to RON104.850 billion (6.5% of GDP) in 2023. This is due to government spending dropping from 40.4% of GDP in 2022 to 40.3% of GDP in 2023, and revenues decreasing from 34% of GDP to 33.7% of GDP. At the end of the fourth quarter of 2023, Romania had a debt-to-GDP ratio of 48.9%, from 47.9% in 2022.